Aussies facing an unprecedented “income squeeze”

The AFR reports that Australians are facing an unprecedented “income squeeze” forcing us to raid our savings at rates not seen since the GFC. Andrew Charlton, co-founder of economic advisory firm AlphaBeta says "Australia's living standards are falling on a sustained basis for the first time in 50 years – this is not a short-term trend.” Saul Eslake, Chief Economist at BoA Merrill Lynch says "The fall in the savings ratio is not a good thing. It's not a sign that we're now more confident and going out and borrowing, because if that was happening, how come consumer spending is soft?" (VIEW LINK)